The statelottery's million-dollar payout provides for $1.1

1.1 million to be paid in 25

25 installments of $44 comma 000

44,000 per payment. The first $44 comma 000

44,000 payment is madeimmediately, and the 24

24 remaining $44 comma 000

44,000 payments occur at the end of each of the next 24

24 years. If 8

8 percent is the discountrate, what is the present value of this stream of cashflows? If 16

16 percent is the discountrate, what is the present value of the cashflows?